Octave Specialty Group (NYSE:OSG) Announces Earnings Results

Octave Specialty Group (NYSE:OSG) released its earnings results on Thursday. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.03), Zacks reports. The business had revenue of $83.00 million during the quarter, compared to analysts’ expectations of $22.79 million. Octave Specialty Group had a positive return on equity of 0.43% and a negative net margin of 51.10%.

Octave Specialty Group Trading Down 13.2%

Shares of NYSE OSG traded down $0.75 during midday trading on Friday, reaching $4.91. 1,124,866 shares of the stock were exchanged, compared to its average volume of 317,304. The company has a 50 day simple moving average of $5.83 and a 200 day simple moving average of $5.48. The stock has a market capitalization of $221.09 million, a P/E ratio of -1.35 and a beta of 0.85. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Octave Specialty Group has a twelve month low of $3.88 and a twelve month high of $10.38.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company acquired a new stake in shares of Octave Specialty Group during the fourth quarter valued at about $98,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in Octave Specialty Group in the 4th quarter valued at approximately $92,000. State Board of Administration of Florida Retirement System acquired a new stake in Octave Specialty Group in the 4th quarter valued at approximately $98,000. Cerity Partners LLC acquired a new stake in Octave Specialty Group in the 4th quarter valued at approximately $88,000. Finally, Franklin Resources Inc. purchased a new stake in Octave Specialty Group in the fourth quarter valued at approximately $93,000. 80.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on OSG. Zacks Research lowered Octave Specialty Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Weiss Ratings downgraded Octave Specialty Group from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $15.00.

Octave Specialty Group Company Profile

Ambac Financial Group, Inc (NYSE:AMBC) is a specialized financial services holding company headquartered in New York City. Through its principal subsidiary, Ambac Assurance Corporation, the company provides financial guarantee insurance and surety bonds designed to enhance the credit quality of public finance and structured finance transactions. Ambac’s offerings are tailored to municipal issuers, financial institutions and corporate borrowers, supporting infrastructure projects, energy and transportation initiatives, as well as asset-backed securities.

Ambac’s core business activities center on credit enhancement and risk-transfer solutions.